not held until tomorrow.
$27.05 bbl before hedges and does NOT like deals with unnamed private parties. Smacks a bit too much of the old days when a driller could sell some of it's best assets to an independent entity actually controlled by officers of the company. Hope this is a first step in eventual acquisition by a larger entity instead.
margin calls. Maybe stronger late afternoon Friday and mid-$30s by next Friday.
This is a leveraged cash flow entity. Point is, can it cover it's interest payments and refinance debt as it comes due. Most feel it can if it answers the questions currently overhanging the company.
Meanwhile, its' stock has already priced in current problems. You're betting there will be more to be revealed. Other's believe the opposite.
Many are buying expecting a massive bounce.
Speculative doesn't begin to describe this stock just now.
BTW, no position here but following.
Deal could be accretive immediately to the right acquirer. How? Acquirer with proven marketing and sales and back office make many of FEYE's onerous costs go away immediately.
Needs that price for $42.50 buyout. Otherwise acquirer's board and shareholders will scream, not to mention FEYE's convert holders.
Still not sure whether they drew on the revolver or not. Perhaps I'm misreading "liquidity" though credit line was $3B as I recall. With completed asset sales I surely don't expect they drew $300MM.
hedged in Q1?
Seems so to me.